Brazil's state-controlled energy company, Petróleo Brasileiro SA - Petrobras, announced March 19 that it has ramped production at its P-77 platform, the fourth to start operations in the Buzios field.
Petrobras expects production from the platform to begin in the first half. It could eventually produce 150,000 barrels of oil and up to 6 million cubic meters of natural gas per day.
In a separate release, Petrobras said its proposal for a production individualization agreement regarding the Lula field's shared reservoir was approved by the National Agency of Petroleum, Natural Gas and Biofuels, effective April 1.
Petrobras holds 65% of the Lula field concession, a subsidiary of Royal Dutch Shell PLC holds 25%, and a unit of Galp Energia SGPS SA holds 10%.
With the approval, Petrobras' share in the Lula field will increase to 67.22%, Shell Brasil Petróleo Ltda. will hold 23.02%, Galp subsidiary Petrogal Brasil SA will hold 9.21%, and the Brazilian Ministry of Mines and Energy's Empresa Brasileira de Administração de Petróleo e Gas Natural SA - Pré-Sal Pet will hold 0.55%.
Petrobras said the change will hike its net interest by 20,000 barrels per day.